By MarketsFarm
WINNIPEG, Nov. 20 (MarketsFarm) – The Canadian dollar was lower Wednesday morning following Statistics Canada’s report on inflation.
As of 8:54 CDT, the Canadian dollar was at US$0.7528 or C$1.3283. That compares to Tuesday’s North American close of US$0.7555 or C$1.3237.
Statistics Canada reported that inflation continued to hold steady at 1.9 per cent in October. The federal agency also noted food prices increased 3.7 per cent, with fresh fruit and vegetables jumping by more than twice that. Quebec and Manitoba has the highest inflation at 2.3 per cent and Ontario lowest at 1.7.
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Crude oil prices were slightly higher Wednesday morning, as Russia will maintain production cuts it agreed to with OPEC to cut global supply.
Brent crude oil was up 64 cents at US$61.55 per barrel and West Texas Intermediate was up 56 cents at US$55.77 per barrel. Western Canadian Select regained US$1.07 at US$27.52 per barrel after sharp losses of more than US$4 yesterday.
At the start of trading on Wednesday, the TSX/S&P Composite Index opened down 24.70 points at 16,986.70. Negative feelings towards United States President Donald Trump’s pledge to hike tariffs on Chinese imports on Dec. 15 fueled the decline.
Gold was down US$4.40 at US$1,469.90 per ounce.
